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Released February 06, 2024 | SUGAR LAND
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Researched by Industrial Info Resources (Sugar Land, Texas)--Manufacturing activity in the U.S. contracted in January for the 15th straight month, according to a survey report by the Institute for Supply Management (ISM), but there are signs of improvement. The ISM's January Purchasing Manager's Index (PMI), which tracks 18 industry sectors in the U.S., increased for the third straight month. Despite any negative sentiment, Industrial Info's project data for the U.S. Industrial Manufacturing Industry still shows robust project activity.
The ISM's January PMI registered 49.1%--up from the seasonally adjusted figure of 47.1% in December and 46.7% in November, and flat compared with September's reading of 49%. Any reading under 50% indicates contraction in the manufacturing economy, although a reading above 42.5%, "over a period of time, generally indicates an expansion of the overall economy," according to the ISM.
"The U.S. manufacturing sector continued to contract, though at a marginal rate compared to December," said Timothy Fiore, chair of the ISM Manufacturing Business Survey Committee. "Demand moderately improved, output remained stable and inputs are accommodative."
Fiore noted the New Orders Index expanded "at a respectable rate," and the Production Index reached 50.4%, up from the seasonally adjusted 49.9% in December, although the Backlog of Orders and Employment indices showed contraction.
He also noted the Supplier Deliveries Index showed faster deliveries for the 16th straight month, registering 49.1%. Anything above 50% indicates slower deliveries, which is typical as the economy improves and customer demand increases, according to the ISM.
Despite any red flags, Industrial Info is tracking $337 billion worth of U.S. Industrial Manufacturing Industry projects under construction. The following sectors account for about $290 billion of the spend: semiconductors & computers ($92.5 billion); transportation systems ($83.8 billion); automotive ($77.8 billion); and data centers ($37.5 billion).
Subscribers to Industrial Info's Global Market Intelligence (GMI) Industrial Manufacturing Project Database can click here for a full list of projects.
Industrial Info is tracking two semiconductor projects from Wolfspeed Incorporated (NYSE:WOLF) (Durham, North Carolina) underway in North Carolina, both of which are expected to wrap up later this year. Construction of the company's $2 billion grassroot semiconductor plant in Siler City entails building an approximately 400,000-square-foot manufacturing facility, to increase production capacity of 200-millimeter silicon-carbide semiconductor wafers in the U.S. to support electric vehicle (EV) production and other applications. The project is the first phase of a $4.8 billion investment. Also underway is Wolfspeed's $1.3 billion expansion of its semiconductor campus in Durham, which entails building out a vacant 253,000-square-foot building to provide 18 times more manufacturing space than currently available. Subscribers can read more information on the Siler City and Durham projects.
Also underway is the replacement of Terminal 1 at San Diego International Airport, which entails constructing a new 1.2 million-square-foot terminal with 30 gates, a dual-level roadway, 12 new security lanes and more. Construction kicked off in 2021, and the terminal is expected to be fully operational in 2028. Turner Construction (New York, New York) and Flatiron Corporation (Broomfield, Colorado) are providing joint general contracting services. Subscribers can click here for more information on the project.
The automotive sector's activity is buoyed by electric vehicle (EV) and EV-battery projects, including the construction of Envision AESC's (Japan) $2 billion EV battery-manufacturing gigafactory in Bowling Green, Kentucky. The project entails constructing a 3 million-square-foot building to produce at least 30 gigawatt-hours (GWh) worth of batteries annually for several auto manufacturers. Production is expected to begin in 2025. Click here to read the project report.
In terms of data center projects, Google Incorporated (Mountain View, California) is performing a $600 million expansion of its data center campus in Council Bluffs, Iowa. The project entails constructing three modular buildings totaling 450,000 square feet to expand space and data center operations. The project is expected to wrap up toward the end of the year. Subscribers can click here for more details on the project.
Subscribers to the GMI Database can click here for a look at all of the projects discussed in this article and here for the plant profiles.
Industrial Info Resources (IIR) is the leading provider of industrial market intelligence. Since 1983, IIR has provided comprehensive research, news and analysis on the industrial process, manufacturing and energy related industries. IIR's Global Market Intelligence (GMI) helps companies identify and pursue trends across multiple markets with access to real, qualified and validated plant and project opportunities. Across the world, IIR is tracking over 200,000 current and future projects worth $17.8 Trillion (USD).
The ISM's January PMI registered 49.1%--up from the seasonally adjusted figure of 47.1% in December and 46.7% in November, and flat compared with September's reading of 49%. Any reading under 50% indicates contraction in the manufacturing economy, although a reading above 42.5%, "over a period of time, generally indicates an expansion of the overall economy," according to the ISM.
"The U.S. manufacturing sector continued to contract, though at a marginal rate compared to December," said Timothy Fiore, chair of the ISM Manufacturing Business Survey Committee. "Demand moderately improved, output remained stable and inputs are accommodative."
Fiore noted the New Orders Index expanded "at a respectable rate," and the Production Index reached 50.4%, up from the seasonally adjusted 49.9% in December, although the Backlog of Orders and Employment indices showed contraction.
He also noted the Supplier Deliveries Index showed faster deliveries for the 16th straight month, registering 49.1%. Anything above 50% indicates slower deliveries, which is typical as the economy improves and customer demand increases, according to the ISM.
Despite any red flags, Industrial Info is tracking $337 billion worth of U.S. Industrial Manufacturing Industry projects under construction. The following sectors account for about $290 billion of the spend: semiconductors & computers ($92.5 billion); transportation systems ($83.8 billion); automotive ($77.8 billion); and data centers ($37.5 billion).
Subscribers to Industrial Info's Global Market Intelligence (GMI) Industrial Manufacturing Project Database can click here for a full list of projects.
Industrial Info is tracking two semiconductor projects from Wolfspeed Incorporated (NYSE:WOLF) (Durham, North Carolina) underway in North Carolina, both of which are expected to wrap up later this year. Construction of the company's $2 billion grassroot semiconductor plant in Siler City entails building an approximately 400,000-square-foot manufacturing facility, to increase production capacity of 200-millimeter silicon-carbide semiconductor wafers in the U.S. to support electric vehicle (EV) production and other applications. The project is the first phase of a $4.8 billion investment. Also underway is Wolfspeed's $1.3 billion expansion of its semiconductor campus in Durham, which entails building out a vacant 253,000-square-foot building to provide 18 times more manufacturing space than currently available. Subscribers can read more information on the Siler City and Durham projects.
Also underway is the replacement of Terminal 1 at San Diego International Airport, which entails constructing a new 1.2 million-square-foot terminal with 30 gates, a dual-level roadway, 12 new security lanes and more. Construction kicked off in 2021, and the terminal is expected to be fully operational in 2028. Turner Construction (New York, New York) and Flatiron Corporation (Broomfield, Colorado) are providing joint general contracting services. Subscribers can click here for more information on the project.
The automotive sector's activity is buoyed by electric vehicle (EV) and EV-battery projects, including the construction of Envision AESC's (Japan) $2 billion EV battery-manufacturing gigafactory in Bowling Green, Kentucky. The project entails constructing a 3 million-square-foot building to produce at least 30 gigawatt-hours (GWh) worth of batteries annually for several auto manufacturers. Production is expected to begin in 2025. Click here to read the project report.
In terms of data center projects, Google Incorporated (Mountain View, California) is performing a $600 million expansion of its data center campus in Council Bluffs, Iowa. The project entails constructing three modular buildings totaling 450,000 square feet to expand space and data center operations. The project is expected to wrap up toward the end of the year. Subscribers can click here for more details on the project.
Subscribers to the GMI Database can click here for a look at all of the projects discussed in this article and here for the plant profiles.
Industrial Info Resources (IIR) is the leading provider of industrial market intelligence. Since 1983, IIR has provided comprehensive research, news and analysis on the industrial process, manufacturing and energy related industries. IIR's Global Market Intelligence (GMI) helps companies identify and pursue trends across multiple markets with access to real, qualified and validated plant and project opportunities. Across the world, IIR is tracking over 200,000 current and future projects worth $17.8 Trillion (USD).
